MONCKS CORNER

Santee Cooper panel OKs budget for 2007

The Santee Cooper Board of Directors approved a $2.18 billion budget for 2007 at its regular monthly meeting on Monday.

The budget includes $1.49 billion for the electric system, $5.1 million for the Santee Cooper Regional Water System and $686 million for capital expenditures.

The $686 million for construction and capital equipment expenditures includes:

$443 million for the construction of new generating facilities, including $41 million for Cross Unit 3 and $51 million for future nuclear units, in addition to $263 million for Cross 4 and $88 million for Pee Dee Unit 1;

$41 million for new environmental controls to comply with air emissions regulations;

and $80 million for the transmission and distribution systems and systemwide improvements.

Santee Cooper is South Carolina's state-owned electric and water utility that serves 155,000 residential and commercial customers in Berkeley, Georgetown and Horry counties.

For information, visit http://www.santeecooper.com/.

IN THE KNOW

Be smart when shopping for annuity

Annuities can be a useful part of a retirement portfolio, but they're hard to shop for.

Here are some tips on finding an annuity:

Look at the big picture, including how much guaranteed income you will have from other sources, how much risk you can tolerate and how much flexibility you think you'll need.

Many companies sell annuities online without a broker. You can use the Internet to compare different plans to see which payout is best.

Keep in mind the long-term financial health of the company offering an annuity. You can check a firm's credit ratings on Web sites operated by Moody's Corp. (http://www.moodys.com/) and Standard & Poor's (www.standardand poors.com). Both sites require you to register.

If you have a large sum to invest, consider buying annuities over time to get the best rates and avoid buying in on a day when rates are particularly low.